So the outer housing on my o2 sensor broke off, but the wire inside still looks fine. Should I replace it?

Earlier this year my car barely passed tech due to emissions being (too) high. I checked the connection to the ECU and it was fine, the o2 sensor voltage was also fine (at least according to the procedure my local parts guy suggested) and the fuel consumption is also normal. Now that I had taken the front bumper off I noticed that the housing is broken. Is it possible that while the wire is in one piece that moisture causes false readings?